Company Overview - Haocen Software's stock price is reported at 49.74 yuan, down 1.54% from the previous trading day, with a trading volume of 0.82 billion yuan [1] - The stock reached a high of 50.68 yuan and a low of 49.35 yuan during the trading session, with a fluctuation of 2.63% [1] - The company operates in the software development industry, focusing on industrial software, with main products including CAD design software [1] - Haocen Software is headquartered in Jiangsu and is involved in the fields of domestic software and Xinchuang [1] Trading Activity - On August 7, a block trade occurred involving 100,000 shares, amounting to 4.934 million yuan, at a price of 49.34 yuan, which is a discount of 0.80% compared to the closing price [1] - Over the past three months, the stock has seen 23 block trades, with a total transaction amount of 100 million yuan [1] - On the same day, the net outflow of main funds was 5.0292 million yuan, accounting for 0.25% of the circulating market value [1] - In the last five days, the net inflow of main funds was 25.1625 million yuan, representing 1.25% of the circulating market value [1]

Summary of Conference Call Notes Industry Focus - The conference call primarily discusses the **domestic computing industry** and its **self-controllable sector**, particularly focusing on **国产化替代** (domestic substitution) in the context of the **信创** (Xinchuang) initiative [1][3][5]. Core Insights and Arguments - Investment should focus on **core areas** such as **operating systems, chips, and databases**, which are expected to dominate the software ecosystem and concentrate profits as the industry matures [1][3]. - There is a significant investment opportunity in **industrial control PLC, CEM, and CAD design software**, which currently have low penetration rates. The potential for product breakthroughs in these areas is highlighted as a key driver for domestic substitution [1][3]. - The **competitive advantage** of domestic chips is emphasized, particularly in comparison to **Intel chips** regarding **FP8, FP4, and memory specifications**. Rapid iterations of domestic chips are expected to enhance their cost-performance ratio [1][3]. - The **self-controllable sector's performance** is closely linked to the **replacement cycle**, with a gradual expansion from government sectors to broader industries. Policy support is crucial for this expansion [4][5]. - The best investment phase is identified as the transition from **small-scale pilot projects** to **small-scale rollouts**, with an emphasis on monitoring the pace of **foreign restrictions** on China, which could accelerate domestic substitution [1][6]. Additional Important Points - The **three most promising investment directions** are identified as: 1. Domestic **basic software and hardware** (chips, databases, operating systems) 2. Domestic **industrial software**, leveraging China's manufacturing foundation 3. The **AI sector**, where domestic substitution is a clear trend amid US-China technological competition [2][8]. - The **supply-side** focus should be on product iterations in low-penetration areas like PLC, CAD, and CEL, while the **demand-side** should be guided by policies, especially in industries critical to national security [6][7]. - Historical patterns indicate that each round of **policy reinforcement** leads to downstream industry expansion, making it essential to capture cyclical opportunities as the ecosystem evolves [5].